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How to Get a Personal Loan in 6 Steps
Getting a personal loan starts with checking your credit, getting pre-qualified and comparing loan options.
Chanell Alexander Writer, Personal Loans | Junior Achievement, SREB, Founders Marketing, Atlanta Small Business Network
Chanell Alexander is a former personal loans writer for NerdWallet. Prior to that, she managed a financial literacy program for middle school students at Junior Achievement and operated a freelance writing company. Her work has been featured by the Atlanta Small Business Network and CBT News, among others. Chanell has a degree in public policy from Georgia State University and a Master of Business Administration from the University of Georgia.
Ronita Choudhuri-Wade Lead Writer | Personal finance, Personal loans
Ronita Choudhuri-Wade covers personal loans for NerdWallet. Before joining NerdWallet, Ronita was a freelance writer for the fintech company Wise (formerly TransferWise) on global money transfers and banking internationally. She was previously a senior internal wholesaler at MainStay Investments, holding her Series 6, 65, 63 and 7 licenses. Ronita graduated from New York University and has a master’s degree in globalization and development from the University of Manchester in the United Kingdom. Ronita currently lives in Tulsa, Oklahoma.
Kim Lowe is a lead assigning editor on NerdWallet's loans team. She covers consumer borrowing, including topics like personal loans, buy now, pay later and cash advance apps. She joined NerdWallet in 2016 after 15 years at MSN.com, where she held various content roles including editor-in-chief of the health and food sections. Kim started her career as a writer for print and web publications that covered the mortgage, supermarket and restaurant industries. Kim earned a bachelor's degree in journalism from the University of Iowa and a Master of Business Administration from the University of Washington. She works from her home near Portland, Oregon.
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Shopping for a personal loan doesn’t have to be complicated. Understanding where to start, what you need in order to apply and how to compare offers can help you select the best personal loan.
Here are six steps to help you through the process of finding and getting a personal loan.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
First check your credit score to assess your financial picture. A high credit score gives you a better chance of qualifying for a personal loan and getting a lower interest rate.
Credit scores typically fall into these categories.
720 and higher: Excellent credit.
690-719: Good credit.
630-689: Fair or average credit.
300-629: Bad credit.
Looking at a less-than-friendly score? Fix any errors on your credit report that might be dragging down your score. You can request a free credit report and dispute wrongly reported missed payments or other inaccuracies it may contain.
Be sure to make on-time payments toward credit card and other loan payments, and keep your credit utilization (the amount of credit you use relative to credit limits) low as these are the biggest factors affecting your score.
Next, determine how much money you need from a loan. You’ll want to make sure that amount includes any fees the lender may charge. Origination fees, which range from 1% to 10% of the loan, are typically subtracted from the loan proceeds.
Looking at your loan amount and credit score will give you a better idea of the annual percentage rate and monthly payments you might receive on a personal loan.
The loan term also plays a factor in how much a loan can cost. A longer loan term means lower monthly payments, but you’ll end up paying more in interest.
Use the calculator below to see estimated payments based on loan amount, rate and term. The best personal loans have monthly payments that fit comfortably into your budget.
Loan details
2023
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Your loan estimate
Monthly payment
$212.47
Total principal
$10,000
Total interest payments
$2,748.23
Total loan payments The total interest costs, plus the amount borrowed.
$12,748.23
Payoff date
11 / 2028
Show amortization schedule
2023
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Payment date
Principal
Interest
Monthly payment
Principal balance
Nov 2023
$129.14
$83.33
$212.47
$9,870.86
Dec 2023
$130.21
$82.26
$212.47
$9,740.65
Jan 2024
$131.30
$81.17
$212.47
$9,609.35
Feb 2024
$132.39
$80.08
$212.47
$9,476.96
Mar 2024
$133.50
$78.97
$212.47
$9,343.46
Apr 2024
$134.61
$77.86
$212.47
$9,208.85
May 2024
$135.73
$76.74
$212.47
$9,073.12
Jun 2024
$136.86
$75.61
$212.47
$8,936.26
Jul 2024
$138.00
$74.47
$212.47
$8,798.26
Aug 2024
$139.15
$73.32
$212.47
$8,659.11
Sep 2024
$140.31
$72.16
$212.47
$8,518.80
Oct 2024
$141.48
$70.99
$212.47
$8,377.32
Nov 2024
$142.66
$69.81
$212.47
$8,234.66
Dec 2024
$143.85
$68.62
$212.47
$8,090.81
Jan 2025
$145.05
$67.42
$212.47
$7,945.76
Feb 2025
$146.26
$66.21
$212.47
$7,799.51
Mar 2025
$147.47
$65.00
$212.47
$7,652.03
Apr 2025
$148.70
$63.77
$212.47
$7,503.33
May 2025
$149.94
$62.53
$212.47
$7,353.39
Jun 2025
$151.19
$61.28
$212.47
$7,202.20
Jul 2025
$152.45
$60.02
$212.47
$7,049.74
Aug 2025
$153.72
$58.75
$212.47
$6,896.02
Sep 2025
$155.00
$57.47
$212.47
$6,741.02
Oct 2025
$156.30
$56.18
$212.47
$6,584.72
Nov 2025
$157.60
$54.87
$212.47
$6,427.12
Dec 2025
$158.91
$53.56
$212.47
$6,268.21
Jan 2026
$160.24
$52.24
$212.47
$6,107.98
Feb 2026
$161.57
$50.90
$212.47
$5,946.41
Mar 2026
$162.92
$49.55
$212.47
$5,783.49
Apr 2026
$164.27
$48.20
$212.47
$5,619.22
May 2026
$165.64
$46.83
$212.47
$5,453.57
Jun 2026
$167.02
$45.45
$212.47
$5,286.55
Jul 2026
$168.42
$44.05
$212.47
$5,118.13
Aug 2026
$169.82
$42.65
$212.47
$4,948.31
Sep 2026
$171.23
$41.24
$212.47
$4,777.08
Oct 2026
$172.66
$39.81
$212.47
$4,604.42
Nov 2026
$174.10
$38.37
$212.47
$4,430.32
Dec 2026
$175.55
$36.92
$212.47
$4,254.76
Jan 2027
$177.01
$35.46
$212.47
$4,077.75
Feb 2027
$178.49
$33.98
$212.47
$3,899.26
Mar 2027
$179.98
$32.49
$212.47
$3,719.28
Apr 2027
$181.48
$30.99
$212.47
$3,537.81
May 2027
$182.99
$29.48
$212.47
$3,354.82
Jun 2027
$184.51
$27.96
$212.47
$3,170.31
Jul 2027
$186.05
$26.42
$212.47
$2,984.25
Aug 2027
$187.60
$24.87
$212.47
$2,796.65
Sep 2027
$189.17
$23.31
$212.47
$2,607.49
Oct 2027
$190.74
$21.73
$212.47
$2,416.75
Nov 2027
$192.33
$20.14
$212.47
$2,224.42
Dec 2027
$193.93
$18.54
$212.47
$2,030.48
Jan 2028
$195.55
$16.92
$212.47
$1,834.93
Feb 2028
$197.18
$15.29
$212.47
$1,637.75
Mar 2028
$198.82
$13.65
$212.47
$1,438.93
Apr 2028
$200.48
$11.99
$212.47
$1,238.45
May 2028
$202.15
$10.32
$212.47
$1,036.30
Jun 2028
$203.83
$8.64
$212.47
$832.47
Jul 2028
$205.53
$6.94
$212.47
$626.93
Aug 2028
$207.25
$5.22
$212.47
$419.69
Sep 2028
$208.97
$3.50
$212.47
$210.71
Oct 2028
$210.71
$1.76
$212.47
$0.00
See if you pre-qualify for a personal loan – without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.
Pre-qualifying for a personal loan gives you a preview of the offers you may receive from lenders. Many online lenders and some banks perform a soft credit check during pre-qualification that doesn’t affect your credit score.
During the pre-qualification process, you must typically provide personal information, such as your name, date of birth, income and loan purpose.
Pre-qualifying with multiple lenders lets you compare estimated rates and payment amounts.
To strengthen your application, consider a co-signed or secured personal loan. Adding someone with prime credit or an asset as collateral may help you qualify or get a lower rate. Note that both options have consequences for the co-applicant or collateral if you fail to repay.
You can find personal loans at online lenders, banks and credit unions. It's a good idea to shop around and compare loan amounts, monthly payments and interest rates from different lenders.
Online lenders let you pre-qualify, apply and receive funds online. Lenders like SoFi, Happy Money and Best Egg offer fast funding and loans to borrowers with credit scores across the spectrum.
Banks like PNC, Discover and Wells Fargo offer unsecured personal loans, and existing account holders may benefit from flexible loan terms and rate discounts. If you have good to excellent credit, check your current bank for offers.
Credit unions may offer lower interest rates and more flexible terms, especially to bad-credit borrowers. They’re also your best shot for small loans — $2,500 or less. You must be a member of the credit union to apply for a loan and be ready for a hard pull with your application, which can cause your credit score to dip.
Comparing options? See if you pre-qualify for a personal loan - without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.
Before signing a loan, carefully read the terms and get answers to your questions. In particular, watch for:
Fees. Prepayment penalties — fees for paying off a loan early — are rare, but lenders may charge other fees, including origination and late payment fees.
Automatic withdrawals. If a lender automatically withdraws loan payments from your checking account, consider setting up a low-balance alert with your bank to avoid overdraft fees.
APR surprises. The total cost of your loan, including interest and any origination fees, should be clearly disclosed and figured into the APR.
Additionally, look for lenders that offer consumer-friendly loan features such as reporting payments to the three major credit bureaus, allowing borrowers to change their payment date or sending borrowed funds directly to creditors on debt consolidation loans.
6. Complete your application
Once you’ve selected a lender that matches your needs, you can formally apply for the loan. Application requirements may vary by lender, but you’ll likely need:
Identification: A passport, driver’s license, state ID or Social Security card.
Verification of address: Utility bills or lease agreement.
Proof of income: Pay stubs, bank statements or tax returns.
The lender will run a hard credit check that may briefly decrease your credit score by a few points and can show up on credit reports for 24 months. Upon final approval, you’ll receive your loan according to the lender’s terms, typically within a week. Once you have your funds, make a plan to pay off your loan and manage your personal loan payments.
Comparing options? See if you pre-qualify for a personal loan - without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.